Low Inventory in Mississauga
2016 housing market was a whirlwind of activity, with hundreds of homes being sold throughout the GTA in multiple offers. The end of 2016 saw unprecedented housing prices, mostly to do with inventory being at an almost all-time low. According to BILD, high-rise condo inventory has been on a downward trend for the past 3 years, with this past November having the lowest number of homes available for sale in November, since 2000. According to TREB and BILD, the last month of 2016 had average selling prices for detached homes in the GTA at $957,517, and for new condos at $493,137.
It looks like this trend is due to continue as builders are not producing enough homes to meet demand. Government policy and increasing costs to build limit the number of units builders are able to produce.